As Covid-19 continues to cause a surge in contactless payments, Apple Pay has become a preferred method for payment due to its touchless feature reaching 507 million users. In addition, Apple takes an estimated 0.15 per cent fee on each transaction.
Shareholder Jonathan Kent Osborne weighed in on how there are potential competition issues for Apple Pay. The feature blocks its rivals from using the near-field communication technology (NFC) on iPhones and Apple Watches, which enables tap-and-go payments.
“Apple only giving the consumer one option in how to use that technology to pay for services is what will get the attention of regulators,” said Osborne.
Jonathan K. Osborne is a business litigation shareholder and co-chair of the firm’s White Collar Criminal Defense & Internal Investigations practice group. He began his practice at Gunster and returned to the firm in 2019 after serving in the U.S. Department of Justice as an Assistant United States Attorney in the Southern District of Florida. Jonathan’s practice includes the representation of individuals and organizations in civil business litigation, including the defense of legal malpractice claims as well as white collar criminal matters and internal investigations. Jonathan routinely advises companies, business leaders, nonprofit organizations, and healthcare professionals in connection with compliance with state and federal criminal law and other regulations, including COVID-19 emergency orders.
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